Please refer to page 37 for a discussion of
important risks related to the business of Piedmont Office Realty Trust, as well as an investment in its securities, including risks that could cause actual results and events to differ materially from results and events referred to in the
forward-looking information. Considering these risks, uncertainties, assumptions, and limitations, the forward-looking events contained in this supplemental reporting package might not occur.

Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. In addition, many of the schedules herein contain rounding to the nearest thousands or millions
and, therefore, the schedules may not total due to this rounding convention.

Piedmont Office Realty Trust, Inc.

Corporate Data

Piedmont Office Realty Trust, Inc. (Piedmont or the Company) (NYSE: PDM) is a fully-integrated and self-managed real
estate investment trust (REIT) specializing in the acquisition, ownership, management, development and disposition of primarily high-quality Class A office buildings located predominantly in large U.S. office markets and leased
principally to high-credit-quality tenants. Since its first acquisition in 1998, the Company has acquired $5.8 billion of office and industrial properties (inclusive of joint ventures) through March 31, 2011. Rated as an investment-grade
company by Standard & Poors and Moodys, Piedmont has maintained a low-leverage strategy while acquiring its properties. Approximately 83% of our Annualized Lease Revenue (ALR)(1) is derived from our office properties located within the ten largest U.S. office markets, including Chicago, Washington, D.C., the New York metropolitan area, Boston and
greater Los Angeles.

This data supplements the information provided in our reports filed with the Securities and Exchange Commission.

Our office portfolio currently consists of 77 properties (exclusive of our equity interests in seven properties owned through unconsolidated joint ventures and
our two industrial properties). During the first quarter of 2011, we acquired a 150,000 square foot building located at 1200 Enclave Parkway in Houston, TX and a 962,000 square foot building located at 500 West Monroe Street in Chicago, IL.

(3)

Calculated as leased square footage on March 31, 2011 plus square footage associated with executed new leases for currently vacant spaces divided by total
rentable square footage, expressed as a percentage. This measure is presented for our 77 office properties and excludes industrial and unconsolidated joint venture properties. Piedmont has completed several acquisitions and one disposition during
the previous year; excluding the assets related to such investing activity from the leased percentage analysis, Piedmonts portfolio was 89.2% leased as of March 31, 2011, as compared to the same store leased percentage of 89.3% in the
year earlier period. Please refer to page 21 for additional detail regarding the same store leased percentage comparison to first quarter 2010.

(4)

As of December 31, 2010, our Class B-3 common stock was not listed on a national securities exchange and there was no established market for such shares. We
have used the closing price of the Class A common stock at the relevant period end for the purposes of the calculations regarding market capitalization herein.

(5)

Weighted average fully diluted shares outstanding are presented on a year-to-date basis for each period.

(6)

In conjunction with our February 10, 2010 listing on the New York Stock Exchange, we issued 13.8 million additional shares of Class A common
stock, the primary reason for the difference in weighted average fully diluted shares outstanding.

(7)

During the first quarter of 2011, the company hired a regional manager for its New York, NY office. The opening of this office is the reason for the increase in
number of employees.

3

Piedmont Office Realty Trust, Inc.

Investor Information

Corporate

11695 Johns Creek Parkway, Suite 350, Johns Creek, Georgia 30097

770.418.8800

www.piedmontreit.com

Executive and Senior Management

Donald A. Miller, CFA

Robert E. Bowers

Laura P. Moon

Chief Executive Officer, President

and
Director

Chief Financial Officer, Executive

Vice President,
Secretary, and

Treasurer

Chief Accounting Officer and

Senior Vice
President

Raymond L. Owens

Carroll A. Reddic, IV

Executive Vice President - Capital

Markets

Executive Vice President - Real

Estate
Operations, Assistant

Secretary

Board of Directors

W. Wayne Woody

Donald A. Miller, CFA

Frank C. McDowell

Director and Chairman of the

Board of
Directors

Chief Executive Officer, President

and
Director

Director and Vice Chairman of the

Board of
Directors

Wesley E. Cantrell

Michael R. Buchanan

Donald S. Moss

Director and Chairman of

Governance
Committee

Director and Chairman of Capital

Committee

Director and Chairman of

Compensation
Committee

Jeffery L. Swope

William H. Keogler, Jr.

Director

Director

Transfer Agent

Corporate Counsel

Bank of New York Mellon Shareowner Services

King & Spalding

P.O. Box 358010

1180 Peachtree Street, NE

Pittsburgh, PA 15252-8010

Atlanta, GA 30309

Phone: 866.354.3485

Phone: 404.572.4600

4

Piedmont Office Realty Trust, Inc.

Financial Highlights

As of March 31,
2011

On January 22, 2010, we filed an amendment to our charter to effect a recapitalization of our common stock as described further in our Securities and Exchange
Commission (SEC) filings. Upon the effectiveness of the recapitalization, each share of our outstanding common stock converted automatically into: (a) 1/12th of a share of our Class A common stock; plus (b) 1/12th of a
share of our Class B-1 common stock; plus (c) 1/12th of a share of our Class B-2 common stock; plus (d) 1/12th of a share of our Class B-3 common stock. Class B-1 common stock converted automatically into Class A common stock on
August 9, 2010; Class B-2 common stock converted automatically into Class A common stock on November 7, 2010; and Class B-3 common stock converted automatically into Class A common stock on January 30, 2011.

Financial Results (1)

-

Funds from operations (FFO) and core funds from operations (Core FFO) for the quarter ended March 31, 2011 were both $71.3M, or $0.41 per share (diluted), compared to
$69.2M, or $0.42 per share (diluted), for both measures for the same quarter in 2010. The increase in FFO and Core FFO for the three months ended March 31, 2011 as compared to the same period in 2010 was primarily due to higher termination
income as well as default interest and residual net operating income deferred from prior periods and recognized upon the successful foreclosure of the equity ownership interest of 500 West Monroe Street. Additionally contributing to the increase in
FFO and Core FFO was a decreased interest rate on the $250 million term loan resulting in lower interest expense. These positive variances are offset somewhat by lower tenant reimbursements. The decrease in per share amount for both FFO and Core FFO
for the three months ended March 31, 2011 as compared to the same period in 2010 was primarily due to the dilutive effect of the 13.8 million shares of Class A common stock issued when the Company listed on the NYSE in February 2010.

-

Adjusted funds from operations (AFFO) for the quarter ended March 31, 2011 was $52.0M, or $0.30 per share (diluted), compared to $60.3M, or $0.36 per share (diluted), for
the same quarter in 2010. The decrease in AFFO for the three months ended March 31, 2011 as compared to the same period in 2010 was primarily due to increased capital expenditures in 2011 associated with new leasing activity, including $6.6
million in leasing commissions related to the NASA lease renewal at Two Independence Square and $3.6 million in tenant improvements for State Street Bank at 1200 Crown Colony Drive. The per share amount of AFFO was also lower in 2011 as compared to
2010 due to the dilutive effect of the 13.8 million shares of Class A common stock issued when the Company listed on the NYSE in February 2010.

-

During the quarter ended March 31, 2011, the Company paid to shareholders a quarterly dividend in the amount of $0.315 per share for its Class A common stock, which
represented its only outstanding class of common stock. The Companys dividend payout percentage for the three months ended March 31, 2011 was 76.3% of Core FFO and 104.6% of AFFO.

Operations

-

On a same store square footage leased basis, our portfolio was 89.2% leased as of March 31, 2011 as compared to 89.3% leased as of March 31, 2010, reflecting stability
in our same store portfolio. On a square footage basis, our office portfolio was 87.3% leased as of March 31, 2011, as compared to 89.2% as of December 31, 2010 and 89.6% as of March 31, 2010. The decrease in the office portfolio
leased percentage during the last year is primarily related to the addition to the portfolio of 1.6 million square feet through the acquisition of several properties with existing vacancies, including 500 West Monroe Street in Chicago, IL, 1200
Enclave Parkway in Houston, TX, and Suwanee Gateway One in Suwanee, GA.

-

The weighted average remaining lease term of our portfolio was 6.2 years(2) as of March 31, 2011 as compared to 5.8 years at December 31, 2010.

-

During the three months ended March 31, 2011, the Company completed 843,000 square feet of leasing at our 77 consolidated office properties. We executed renewal leases for
616,000 square feet and new tenant leases for 227,000 square feet, with an average committed capital cost of $5.82 per square foot per year of lease term. Average committed capital cost per square foot per year of lease term for renewal leases
signed during the quarter was $5.48 and average committed capital cost per square foot per year of lease term for new leases was $7.39. We did not execute any new leases during the quarter for our two industrial properties.

-

During the three months ended March 31, 2011, we retained(3) tenants for 72% of the square footage associated with expiring leases. This result compares to a 72% retention rate for the year ended December 31, 2010.

(1) FFO, Core FFO and AFFO are supplemental non-GAAP
financial measures. See pages 30-31 for definitions of non-GAAP financial measures. See pages 12 and 35 for reconciliations of FFO, Core FFO and AFFO to Net Income.

(2) Remaining lease term (after taking into account
leases for vacant spaces which had been executed but not commenced as of March 31, 2011) is weighted based on Annualized Lease Revenue, as defined on page 30.

(3) Piedmont defines a retained tenant to include an
existing tenant/occupant signing a lease for the premises it currently occupies or a tenant whose occupancy of a space is structured in a way to eliminate downtime for the space.

5

Piedmont Office Realty Trust, Inc.

Financial Highlights

As of March 31, 2011

-

During the three months ended March 31, 2011, we executed six office leases greater than 20,000 square feet. Please see information on those leases listed below.

Tenant Name

Property

Property Location

Square FeetLeased

Expiration Year

Lease Type

United States of America (NASA)

Two Independence Square

Washington, D.C.

597,253

2027

Renewal

BSH Home Appliances

Corporation

1901 Main Street

Irvine, CA

49,781

2019

New

Eide Bailly, LLP

US Bancorp Center

Minneapolis, MN

40,622

2024

New

First Solar Electric, LLC

400 Bridgewater Crossing

Bridgewater, NJ

39,096

2018

New

Evraz, Inc.

Aon Center

Chicago, IL

34,868

2023

New

Faurecia USA Holdings, Inc.

Auburn Hills Corporate Center

Auburn Hills, MI

21,670

2015

New

Leasing Update

-

As of year-end 2010, a total of six leases were scheduled to expire during the years 2011 and 2012 that contributed greater than 1% of Annualized Lease Revenue. Due to the
addition of 500 West Monroe Street to our office portfolio during the first quarter of 2011, there are two additional leases that contribute greater than 1% of Annualized Lease Revenue that are scheduled to expire in 2011 and 2012. Information
regarding the leasing status of the spaces associated with those leases is included below:

Tenant Name

Property

Property Location

SquareFootage (1)

Percentage of CurrentQuarter AnnualizedLease Revenue (%)

Expiration (2)

Leasing Status

United States of

America (Comptroller of the Currency)

One IndependenceSquare

Washington, D.C.

322,984

3.0%

Q2 2011

The Company is in discussions with the tenant for a lease renewal of the entire space. The tenant has announced its future intentions to leave the building; therefore, a short-term renewal
of the lease for up to 24 months is anticipated.

Zurich American Insurance Company

Windy Point II

Schaumburg, IL

300,034

1.7%

Q3 2011

The space has been substantially sublet by the tenant. The Company is in discussions with sublessees for direct leases and actively marketing the space for lease.

Kirkland & Ellis

Aon Center

Chicago, IL

331,887

1.7%

Q4 2011

Kirkland & Ellis is vacating. KPMG has leased 218,123 SF (beginning in August 2012), all but 3,000 SF of which is space currently leased to Kirkland & Ellis.

Marsh USA

500 West Monroe

Street

Chicago, IL

173,290

1.2%

Q4 2011

The Company is not actively engaged in discussions with the tenant regarding a lease renewal. It is anticipated that the tenant will vacate at lease expiration.

Sanofi-aventis US

200 Bridgewater

Crossing

Bridgewater, NJ

297,379

2.0%

Q1 2012

The Company is actively marketing the space for lease. The tenant will be vacating at lease expiration.

United States of

America (NASA)

Two IndependenceSquare

Washington, D.C.

551,907

4.3%

Q3 2027

A 15-year lease was signed with the tenant during the quarter for 597,253 SF, an approximate 8% increase in square footage leased due to a BOMA space remeasurement.

United States of

America (National Park

Service)

1201 Eye Street

Washington, D.C.

219,750

1.6%

Q3 2012

Preliminary discussions with the tenant have commenced.

GE

500 West MonroeStreet

Chicago, IL

311,387

1.8%

Q4 2012

The Company is in discussions with the tenant for a long-term lease renewal which includes a reduction in leased square footage.

(1) Square footage represents the total square
footage leased by the tenant expiring during the expiration quarter.

(2) The lease expiration date presented is that of the majority of the space leased to the tenant at the building.

6

Piedmont Office Realty Trust, Inc.

Financial Highlights

As of March 31, 2011

Financing and Capital Activity

-

As of March 31, 2011, our ratio of gross debt to total market capitalization was 32.3%; our ratio of gross debt to gross real estate assets was 33.4%; and our ratio of gross
debt to total gross assets was 29.3%. These debt ratios reflect the inclusion of $185 million of secured debt attributable to 500 West Monroe Street and are based on total principal amount outstanding for our various loans.

-

On March 30, 2011, Piedmont completed the purchase of 1200 Enclave Parkway, a 150,000 square foot building located in the prestigious Energy Corridor in Houston, TX. The
building was built in 1999 and is 18% leased. Piedmont purchased the building for $18.5 million, or approximately $123 per square foot. The building is located near another property owned by Piedmont, 1430 Enclave Parkway. Given the location,
managements knowledge of the market, the high-quality construction, and the low cost basis, Piedmont expects to create value for its shareholders through the lease-up of this building.

-

On March 31, 2011, a UCC foreclosure auction was conducted to sell an equity ownership interest in 500 West Monroe Street that had been pledged as collateral for a defaulted
mezzanine loan owned by Piedmont. Piedmont was the winning bidder at that auction and, therefore, became the equity owner of 500 West Monroe Street. The building is a 46-story, 962,000 square foot, Class A, trophy office tower located in
Chicagos West Loop submarket. It was built in 1991 and is currently 67% leased. The two main tenants in the building, GE and Marsh USA, which, combined, lease approximately 50% of the building, have leases with near-term expirations as noted
above. Piedmont is committed to stabilizing the occupancy in this well-located, high-quality, amenity-rich building. The building is ideally located between two major transportation centers, Union Station and Ogilvie Transportation Center, in
addition to having a 1,330-space parking garage; both of these elements positively impact the leasing potential for this building.

-

On January 30, 2011, Piedmonts 39.7 million shares of Class B-3 common stock converted on a one-for-one basis into Class A common stock.

-

On February 24, 2011, the board of directors of Piedmont declared dividends for the first quarter 2011 in the amount of $0.315 per share on its Class A common stock,
which represented its only outstanding class of common stock, to stockholders of record as of the close of business on March 7, 2011. The dividends were paid on March 22, 2011.

-

Effective January 10, 2011, Bank of New York Mellon became Piedmonts transfer agent.

Subsequent Events

-

Piedmont has entered into a binding contract to sell Eastpointe Corporate Center in Issaquah, WA. As of April 21, 2011, the purchaser had completed its due diligence study
of the asset and its deposit of 5% of the agreed upon purchase price of $32.0 million became non-refundable. Piedmont anticipates recording a gain upon the sale of the building. The transaction is scheduled to close on July 1, 2011. The
building is currently approximately 43% leased and will become 19% leased after the end of the second quarter of 2011 due to the expiration of an additional lease. Through the sale, Piedmont will be able to mitigate the leasing risk associated with
this building and further its strategic objective of focusing on select markets. Piedmont has reclassified Eastpointe Corporate Center from real estate assets held-for-use to real estate assets held-for-sale as of April 21, 2011. The results
from operations for the asset will be presented in discontinued operations beginning in the second quarter of 2011.

-

On April 29, 2011, Piedmont purchased The Dupree Building, a 138,000 square foot building located in Atlanta, GA, for approximately $20.5 million, or $148 per square foot.
The building is well-located along the northern arc of I-285, a major bypass expressway encircling Atlanta, with close proximity to GA-400, a major state highway connecting downtown Atlanta with the citys northern suburbs, as well as executive
housing. The building was constructed in 1997, is approximately 83% leased, and is located near Piedmonts Glenridge Highlands II building. Given the ease of access to the building, Piedmonts intimate knowledge of the market, the low cost
basis, and the long-term nature of the existing leases, Piedmont believes the transaction provides a strong risk-adjusted return for its shareholders.

-

On May 4, 2011, the board of directors of Piedmont declared a dividend for the second quarter 2011 in the amount of $0.315 per share on its Class A common stock to
stockholders of record as of the close of business on June 1, 2011. The dividend is expected to be paid on June 22, 2011.

Guidance for 2011

-

The following financial guidance for calendar year 2011 remains unchanged and is based on managements expectations at this time:

Low High

Net Income

$106 - 118 million

Add: Depreciation & Amortization

$150 - 156 million

Core Funds from Operations

$256 - 269 million

Core Funds from Operations per diluted share

$1.48 - 1.56

These estimates reflect managements view of
current market conditions and incorporate certain economic and operational assumptions and projections. These estimates exclude future acquisitions and dispositions which could result in a change in the Companys 2011 outlook and guidance when
they are consummated. Actual results could differ from these estimates. Note that individual quarters may fluctuate on both a cash and an accrual basis due to timing of repairs and maintenance, capital expenditures, capital markets activities and
one-time revenue or expense events. In addition, the Companys guidance is based on information available to management as of the date of this supplemental report.

7

Piedmont Office Realty Trust, Inc.

Key Performance Indicators

Unaudited (in thousands except for per share data)

This section of our supplemental report includes non-GAAP financial measures, including, but not limited to, Core Earnings Before Interest, Taxes, Depreciation, and Amortization (Core EBITDA), Funds from Operations
(FFO), Core Funds from Operations (Core FFO), and Adjusted Funds from Operations (AFFO). Definitions of these non-GAAP measures are provided on pages 30-31 and reconciliations are provided on pages 33-35.

(3) Core EBITDA and AFFO have been adjusted to exclude impairments on
real estate assets as shown on pages 33 and 35.

(4) Net
debt is calculated as the total principal amount of debt outstanding minus cash and cash equivalents and escrow deposits and restricted cash. As of the first quarter of 2011, net debt includes $185 million of secured debt associated with 500 West
Monroe Street which was acquired March 31, 2011.

(6) Fixed charge coverage is calculated as Core EBITDA divided by the sum of interest expense, principal amortization, capitalized interest
and preferred dividends. We had no capitalized interest, principal amortization or preferred dividends during any of the periods presented.

(7) Core EBITDA is annualized for the purposes of this calculation. As of the first quarter of 2011, net debt includes $185 million of
secured debt associated with 500 West Monroe Street which was acquired March 31, 2011.

8

Piedmont Office Realty Trust, Inc.

Consolidated Balance Sheets

Unaudited (in thousands)

March 31, 2011

December 31, 2010

September 30, 2010

June 30, 2010

March 31, 2010

Assets:

Real estate, at cost:

Land assets

$

688,103

$

647,653

$

652,875

$

651,876

$

651,876

Buildings and improvements

3,865,239

3,688,751

3,685,956

3,668,859

3,672,594

Buildings and improvements, accumulated depreciation

(770,147

)

(744,756

)

(739,055

)

(714,615

)

(689,117

)

Intangible lease asset

238,504

219,770

222,952

224,532

235,022

Intangible lease asset, accumulated amortization

(142,754

)

(145,742

)

(145,139

)

(140,804

)

(145,242

)

Construction in progress

13,142

11,152

11,839

14,909

12,345

Total real estate assets

3,892,087

3,676,828

3,689,428

3,704,757

3,737,478

Investment in unconsolidated joint ventures

41,759

42,018

42,591

43,005

43,482

Cash and cash equivalents

42,151

56,718

67,539

81,066

76,994

Tenant receivables, net of allowance for doubtful accounts

29,726

28,849

29,269

30,986

33,152

Straight line rent receivable

103,854

105,157

100,751

96,912

95,164

Notes receivable

-

61,144

60,671

60,101

59,407

Due from unconsolidated joint ventures

594

1,158

1,085

1,124

1,202

Escrow deposits and restricted cash

30,771

12,475

18,341

9,343

6,573

Prepaid expenses and other assets

11,967

11,249

18,461

15,523

12,027

Goodwill

180,097

180,097

180,097

180,097

180,097

Deferred financing costs, less accumulated amortization

5,374

5,306

5,878

6,467

6,509

Deferred lease costs, less accumulated amortization

224,892

192,481

175,474

176,120

176,325

Total assets

$

4,563,272

$

4,373,480

$

4,389,585

$

4,405,501

$

4,428,410

Liabilities:

Line of credit and notes payable

$

1,601,112

$

1,402,525

$

1,402,525

$

1,402,525

$

1,402,525

Accounts payable, accrued expenses, and accrued capital expenditures

122,769

112,648

102,411

102,365

83,172

Deferred income

38,990

35,203

33,882

33,916

39,079

Intangible lease liabilities, less accumulated amortization

46,517

48,959

51,807

54,730

57,689

Interest rate swap

367

691

1,028

742

2,316

Total liabilities

1,809,755

1,600,026

1,591,653

1,594,278

1,584,781

Stockholders equity (1) :

Class A common stock

1,727

1,330

932

536

534

Class B-1 common stock

-

-

-

397

397

Class B-2 common stock

-

-

397

397

397

Class B-3 common stock

-

397

397

397

397

Additional paid in capital

3,661,570

3,661,308

3,660,551

3,659,910

3,659,257

Cumulative distributions in excess of earnings

(915,543

)

(895,122

)

(869,434

)

(855,631

)

(820,878

)

Other comprehensive loss

(465

)

(691

)

(1,028

)

(742

)

(2,316

)

Piedmont stockholders equity

2,747,289

2,767,222

2,791,815

2,805,264

2,837,788

Non-controlling interest

6,228

6,232

6,117

5,959

5,841

Total stockholders equity

2,753,517

2,773,454

2,797,932

2,811,223

2,843,629

Total liabilities, redeemable common stock and stockholders equity

$

4,563,272

$

4,373,480

$

4,389,585

$

4,405,501

$

4,428,410

All classes of common stock outstanding at end of period
(1)

172,658

172,658

172,658

172,658

172,517

(1) On January 22, 2010, we filed an amendment to our charter to
effect a recapitalization of our common stock as described further in our SEC filings. Upon the effectiveness of the recapitalization, each share of our outstanding common stock converted automatically into: (a) 1/12th of a share of our
Class A common stock; plus (b) 1/12th of a share of our Class B-1 common stock; plus (c) 1/12th of a share of our Class B-2 common stock; plus (d) 1/12th of a share of our Class B-3 common stock.

9

Piedmont Office Realty Trust, Inc.

Consolidated Statements of Income

Unaudited (in thousands except for per share data)

Three Months Ended

3/31/2011

12/31/2010

9/30/2010

6/30/2010

3/31/2010

Revenues:

Rental income

$

109,830

$

110,778

$

110,776

$

110,623

$

110,512

Tenant reimbursements

32,490

36,997

29,690

33,374

35,083

Property management fee revenue

830

948

806

705

753

Other rental income

3,404

2,589

4,230

479

496

Total revenues

146,554

151,312

145,502

145,181

146,844

Operating expenses:

Property operating costs

54,957

60,401

46,612

55,497

55,361

Depreciation

27,022

26,685

26,011

25,584

25,691

Amortization

12,076

11,523

11,018

11,004

11,387

General and administrative

6,824

7,824

6,806

7,952

6,620

Total operating expenses

100,879

106,433

90,447

100,037

99,059

Real estate operating income

45,675

44,879

55,055

45,144

47,785

Other income (expense):

Interest expense

(17,174)

(17,378)

(17,359)

(18,933)

(19,091)

Interest and other income

3,460

491

993

1,036

969

Equity in income of unconsolidated joint ventures

209

630

619

647

737

Gain on consolidation of variable interest entity

1,920

-

-

-

-

Total other income (expense)

(11,585)

(16,257)

(15,747)

(17,250)

(17,385)

Income from continuing operations

34,090

28,622

39,308

27,894

30,400

Operating income, excluding impairment loss

-

1,017

1,434

1,454

1,185

Impairment loss

-

-

-

(9,587)

-

Loss on sale of real estate assets

-

(817)

-

-

-

Discontinued operations
(1)

-

200

1,434

(8,133)

1,185

Net income

34,090

28,822

40,742

19,761

31,585

Less: Net income attributable to noncontrolling interest

(123)

(122)

(158)

(125)

(125)

Net income attributable to Piedmont

$

33,967

$

28,700

$

40,584

$

19,636

$

31,460

Weighted average common shares outstanding - diluted

172,955

172,996

172,885

172,718

165,200

Net income per share available to common stockholders - diluted

$

0.20

$

0.17

$

0.23

$

0.11

$

0.19

(1) Reflects operating results for 111 Sylvan Avenue in Englewood
Cliffs, NJ, which was sold on December 8, 2010.

10

Piedmont Office Realty Trust, Inc.

Consolidated Statements of Income

Unaudited (in thousands except for per share data)

Three Months Ended

3/31/2011

3/31/2010

Change

Change

Revenues:

Rental income

$

109,830

$

110,512

$

(682)

-0.6%

Tenant reimbursements

32,490

35,083

(2,593)

-7.4%

Property management fee revenue

830

753

77

10.2%

Other rental income

3,404

496

2,908

586.3%

Total revenues

146,554

146,844

(290)

-0.2%

Operating expenses:

Property operating costs

54,957

55,361

404

0.7%

Depreciation

27,022

25,691

(1,331)

-5.2%

Amortization

12,076

11,387

(689)

-6.1%

General and administrative

6,824

6,620

(204)

-3.1%

Total operating expenses

100,879

99,059

(1,820)

-1.8%

Real estate operating income

45,675

47,785

(2,110)

-4.4%

Other income (expense):

Interest expense

(17,174)

(19,091)

1,917

10.0%

Interest and other income

3,460

969

2,491

257.1%

Equity in income of unconsolidated joint ventures

209

737

(528)

-71.6%

Gain on consolidation of variable interest entity

1,920

-

1,920

0.0%

Total other income (expense)

(11,585)

(17,385)

5,800

33.4%

Income from continuing operations

34,090

30,400

3,690

12.1%

Operating income, excluding impairment loss

-

1,185

(1,185)

-100.0%

Discontinued operations
(1)

-

1,185

(1,185)

-100.0%

Net income

34,090

31,585

2,505

7.9%

Less: Net income attributable to noncontrolling interest

(123)

(125)

2

1.6%

Net income attributable to Piedmont

$

33,967

$

31,460

$

2,507

8.0%

Weighted average common shares outstanding - diluted

172,955

165,200

Net income per share available to common stockholders - diluted

$

0.20

$

0.19

(1) Reflects operating results for 111 Sylvan Avenue in Englewood
Cliffs, NJ, which was sold on December 8, 2010.

11

Piedmont Office Realty Trust, Inc.

Funds From Operations, Core Funds From Operations and Adjusted Funds From Operations

Unaudited (in
thousands except for per share data)

Three Months Ended

3/31/2011

3/31/2010

Net income attributable to Piedmont

$

33,967

$

31,460

Depreciation (1)
(2)

27,154

26,250

Amortization
(1)

12,106

11,488

Gain on consolidation of VIE

(1,920)

-

Funds from operations

71,307

69,198

Acquisition costs

(26)

-

Core funds from operations

71,281

69,198

Depreciation of non real estate assets

170

178

Stock-based and other non-cash compensation expense

968

653

Deferred financing cost amortization

607

696

Straight-line effects of lease revenue (1)

2,237

1,073

Amortization of lease-related intangibles (1)

(1,362)

(1,426)

Income from amortization of discount on purchase of mezzanine loans

(484)

(668)

Acquisition costs

26

-

Non-incremental capital expenditures
(3)

(21,469)

(9,413)

Adjusted funds from operations

$

51,974

$

60,291

Weighted average common shares outstanding - diluted

172,955

165,200

Funds from operations per share (diluted)

$

0.41

$

0.42

Core funds from operations per share (diluted)

$

0.41

$

0.42

Adjusted funds from operations per share (diluted)

$

0.30

$

0.36

(1) Includes adjustments for wholly-owned properties and for our proportionate ownership in unconsolidated joint ventures.

(2) Acquisitions consist of Suwanee Gateway One
in Suwanee, GA, purchased on September 28, 2010, Meridian Crossings in Richfield, MN, purchased on October 1, 2010, 1200 Enclave Parkway in Houston, TX, purchased on March 30, 2011, and 500 West Monroe Street in Chicago, IL, acquired
on March 31, 2011.

(3) Dispositions consists of 111
Sylvan Avenue in Englewood Cliffs, NJ, sold on December 8, 2010.

(4) The increase in Chicago Same Store Net Operating Income for the three months ended March 31, 2011 as compared to the same period in 2010 is primarily due to a rental
abatement concession in 2010 associated with a lease renewal at Windy Point I in Schaumburg, IL.

(5) The decrease in Washington, D.C. Same Store Net Operating Income for the three months ended March 31, 2011 as compared to the same period in 2010 is primarily related to
a lease termination at 1201 Eye Street in Washington, D.C. resulting in a reduction in revenue of approximately $640,000 as well as a one-time application of supplemental parking receipts during the first quarter of 2010 amounting to approximately
$380,000 at 4250 North Fairfax Drive in Arlington, VA.

(6) The increase in New York Same Store Net Operating Income for the
three months ended March 31, 2011 as compared to the same period in 2010 is primarily related to a rental abatement in 2010 associated with the lease extension/restructure with the State of New York at 60 Broad Street in New York, NY.

(7) The decrease in Los Angeles Same Store Net Operating
Income for the three months ended March 31, 2011 as compared to the same period in 2010 is primarily due to a space contraction at lease renewal effective third quarter 2010 along with a roll down of total revenues per square foot received from
that renewing tenant at 800 North Brand Boulevard in Glendale, CA.

(8) The decrease in Other Same Store Net Operating Income for the three months ended March 31, 2011 compared to the same period in 2010 is due to a number of factors, the
largest two of which are reduced rental income and operating expense reimbursements due to the expiration of an approximate 87,000 square foot lease during the fourth quarter of 2010 at Eastpointe Corporate Center in Issaquah, WA, and a lease
contraction of approximately 91,000 square feet effective third quarter 2010 at Chandler Forum in Chandler, AZ.

(2) Acquisitions consist of Suwanee Gateway One
in Suwanee, GA, purchased on September 28, 2010, Meridian Crossings in Richfield, MN, purchased on October 1, 2010, 1200 Enclave Parkway in Houston, TX, purchased on March 30, 2011, and 500 West Monroe Street in Chicago, IL, acquired
on March 31, 2011.

(3) Dispositions consists of 111
Sylvan Avenue in Englewood Cliffs, NJ, sold on December 8, 2010.

(4) The decrease in Washington, D.C. Same Store Net Operating Income for the three months ended March 31, 2011 as compared to the same period in 2010 is primarily related to
a lease termination at 1201 Eye Street in Washington, D.C. resulting in a reduction in revenue of approximately $640,000 as well as a one-time application of supplemental parking receipts during the first quarter of 2010 amounting to approximately
$380,000 at 4250 North Fairfax Drive in Arlington, VA.

(5) The decrease in Los Angeles Same Store Net Operating Income for the three months ended March 31, 2011 as compared to the same period in 2010 is primarily due to a space
contraction at lease renewal effective third quarter 2010 along with a roll down of total revenues per square foot received from that renewing tenant at 800 North Brand Boulevard in Glendale, CA.

(6) The decrease in Other Same Store Net Operating Income for the
three months ended March 31, 2011 compared to the same period in 2010 is due to a number of factors, the largest two of which are reduced rental income and operating expense reimbursements due to the expiration of an approximate 87,000 square
foot lease during the fourth quarter of 2010 at Eastpointe Corporate Center in Issaquah, WA, and a lease contraction of approximately 91,000 square feet effective third quarter 2010 at Chandler Forum in Chandler, AZ.

14

Piedmont Office Realty Trust, Inc.

Capitalization Analysis

Unaudited ($ and shares in thousands)

As
of March 31, 2011

As of December 31, 2010

Common stock price (1)

$19.41

$20.14

Total shares outstanding
(2)

172,658

172,658

Class A common stock

172,658

132,956

Class B-1 common stock

-

-

Class B-2 common stock

-

-

Class B-3 common stock

-

39,702

Equity market capitalization
(3)

$3,351,301

$3,477,342

Total gross debt - principal amount outstanding

$1,602,525

$1,402,525

Total market capitalization
(1)

$4,953,826

$4,879,867

Total gross debt / Total market capitalization

32.3%

28.7%

Total gross real estate assets

$4,804,988

$4,567,326

Total gross debt / Total gross real estate
assets (4)

33.4%

30.7%

Total gross debt / Total gross assets
(5)

29.3%

26.6%

(1) Reflects Class A common stock closing price as of the end of the reporting period.

(2) On January 22, 2010, we filed an amendment
to our charter to effect a recapitalization of our common stock as described further in our SEC filings. Upon the effectiveness of the recapitalization, each share of our outstanding common stock converted automatically into: (a) 1/12th of a
share of our Class A common stock; plus (b) 1/12th of a share of our Class B-1 common stock; plus (c) 1/12th of a share of our Class B-2 common stock; plus (d) 1/12th of a share of our Class B-3 common stock. The recapitalization
had the effect of a one-for-three reverse stock split. Class B-1 common stock converted automatically into Class A common stock on August 9, 2010, Class B-2 common stock converted automatically into Class A common stock on
November 7, 2010 and Class B-3 common stock converted automatically into Class A common stock on January 30, 2011.

(3) Market value of common shares is defined as the total number of shares of all classes of our common stock outstanding multiplied by the
closing price of our Class A common stock at the end of the reporting period, as further qualified in footnotes (1) and (2) above.

(4) Total debt to total gross real estate assets ratio is defined as total debt divided by gross real estate assets. Gross real estate
assets is defined as total real estate assets with the add back of accumulated depreciation and accumulated amortization related to real estate assets.

(5) Total debt to total gross assets ratio is defined as total debt divided by gross assets. Gross assets is defined as total assets with
the add back of accumulated depreciation and accumulated amortization related to real estate assets.

15

Piedmont Office Realty Trust, Inc.

Debt Summary

Unaudited ($ in thousands)

Floating Rate & Fixed Rate Debt

Debt (1)

Principal AmountOutstanding

Weighted AverageStated Interest Rate

Weighted AverageMaturity

Floating Rate

$200,000 (2)

1.51% (3)

16.4 months

Fixed Rate (4)

1,402,525

4.66%

38.3 months

Total

$1,602,525

4.27%

35.5 months

Unsecured & Secured Debt

Debt (1)

Principal Amount

Outstanding

Weighted AverageStated Interest Rate

Weighted AverageMaturity

Unsecured

$265,000

2.41% (4)

3.7 months

Secured

1,337,525

4.64%

41.8 months

Total

$1,602,525

4.27%

35.5 months

Debt Maturities

Maturity Year

Secured Debt -Principal AmountOutstanding (1)

Unsecured Debt -Principal AmountOutstanding (1)

Weighted AverageStated Interest

Rate

Percentage of

Total

2011

$0

$250,000

2.36%

15.6%

2012

230,000 (5)

15,000 (6)

2.19%

15.3%

2013

0

0

N/A

N/A

2014

695,000

0

4.92%

43.4%

2015

105,000

0

5.29%

6.5%

2016

167,525

0

5.55%

10.5%

2017

140,000

0

5.76%

8.7%

Total

$1,337,525

$265,000

4.27%

100.0%

(1) All of Piedmonts
outstanding debt as of March 31, 2011 is interest-only debt.

(2) Amount represents the outstanding balance as of March 31,
2011 on the $500 million unsecured line of credit, totaling $15 million, along with the balances on two loans secured by 500 West Monroe Street or equity ownership interests therein, totaling $185 million.

(3) The weighted average interest rate is a weighted average rate for
amounts drawn under our $500 million unsecured line of credit and the loans totaling $185 million related to 500 West Monroe Street. Please see the following page for additional details on the interest rate for each loan.

(4) The weighted average interest rate is a weighted average rate for
amounts drawn under our $500 million unsecured line of credit and the $250 million unsecured term loan. The $250 million unsecured term loan has a stated variable rate; however, Piedmont entered into interest rate swap agreements which effectively
fixed the interest rate on this loan at 2.36% through June 28, 2011.

(5) Amount includes the balances as of March 31, 2011 of the loans related to 500 West Monroe Street, totaling $185 million, which mature in August 2011. Management intends
to exercise the one-year extension option available under each loan to extend the maturity dates to August 2012. The payment of a 25 basis point fee will be required to extend each of the loans related to 500 West Monroe Street. Additionally, in
order to extend the loans related to 500 West Monroe Street, Piedmont must purchase interest rate caps for the extension period, pay certain reserve amounts to the lender to be held on Piedmonts behalf to fund potential future expenses, and
not then be in default under either loan agreement.

(6)
Amount represents the outstanding balance as of March 31, 2011 on the $500 million unsecured line of credit, which matures in August 2011. Management intends to exercise the one-year extension option available under the loan to extend the
maturity date to August 2012. The payment of a 15 basis point fee will be required to extend the term of the loan.

(1) All of Piedmonts outstanding
debt as of March 31, 2011 is interest-only debt.

(2)
The LIBOR rate effective under this loan on March 31, 2011 was 0.255%. There are interest rate cap agreements in place through August 2011 that limit Piedmonts LIBOR exposure to 1.00%. Any increases in LIBOR above 1.00% are the
responsibility of our counterparty.

(3) Piedmont may
extend the term for one additional year provided that Piedmont is not then in default, a 25 basis point extension fee is paid, interest rate caps are purchased for the extension period, and certain reserve amounts are provided to the lender to be
held on Piedmonts behalf to fund potential future expenses of the property.

(4) The principal balance of this loan is $61.5 million. Piedmont owns a $16.5 million junior participation in this loan, which is eliminated upon consolidation.

(6) The four property collateralized pool includes 1430 Enclave Parkway, Windy Point I and II, and 1055 East Colorado Boulevard.

(7) Weighted average is based on the total balance
outstanding and interest rate at March 31, 2011.

(8)
The $250 million unsecured term loan has a stated variable rate; however, Piedmont entered into interest rate swap agreements which effectively fixed the interest rate on this loan at 2.36% through June 28, 2011.

(9) All of Piedmonts outstanding debt as of March 31, 2011
is term debt with the exception of the $500 million unsecured line of credit.

(10) The interest rate on the $500 million unsecured line of credit is equal to the weighted-average interest rate on all outstanding draws as of March 31, 2011. Piedmont may
select from multiple interest rate options with each draw, including the prime rate and various length LIBOR locks. All LIBOR selections are subject to an additional spread (0.475% as of March 31, 2011) over the selected rate based on
Piedmonts current credit rating.

(11) Piedmont may
extend the term for one additional year provided Piedmont is not then in default and upon the payment of a 15 basis point extension fee.

(12) Adjustments relate to the fair market valuation of the debt associated with 500 West Monroe Street upon consolidation. The discounts
will be amortized to interest expense over the remaining contractual term of the debt.

(13) Weighted average effective rate reflects the higher effective rate under the 500 West Monroe Street loans as a result of fair market valuation of the debt upon consolidation
of 500 West Monroe Street.

17

Piedmont Office Realty Trust, Inc.

Debt Analysis

As of March 31, 2011

Unaudited

Debt Covenant Compliance (1)

Required

Actual

Maximum Leverage Ratio

0.60

0.31

Minimum Fixed Charge Coverage Ratio (2)

1.50

4.99

Maximum Secured Indebtedness Ratio

0.40

0.26

Minimum Unencumbered Leverage Ratio

1.60

8.45

Minimum Unencumbered Interest Coverage Ratio (3)

1.75

17.30

Maximum Certain Permitted Investments Ratio (4)

0.35

0.01

(1) Debt covenant compliance calculations relate to specific calculations detailed in our term loan and line of credit agreements.

(2) Defined as EBITDA for the trailing four quarters (including the companys share of EBITDA from unconsolidated interests), less one-time or non-recurring gains or losses,
less a $0.15 per square foot capital reserve, and excluding the impact of straight line rent leveling adjustments and amortization of intangibles divided by the companys share of fixed charges, as more particularly described in the credit
agreements.

(3) Defined as net operating income for the trailing four quarters for unencumbered assets (including the companys share of net operating income from unconsolidated
interests that are unencumbered) less a $0.15 per square foot capital reserve divided by the companys share of interest expense associated with unsecured financings only, as more particularly described in the credit agreements.

(5) Fixed charge coverage is calculated as Core EBITDA divided by the sum of interest expense, principal amortization, capitalized interest and preferred dividends. We had no
capitalized interest, principal amortization or preferred dividends during the periods ended March 31, 2011 and December 31, 2010.

(6) Interest coverage ratio is calculated as Core EBITDA divided by the sum of interest expense and capitalized interest. We had no
capitalized interest during the periods ended March 31, 2011 and December 31, 2010.

18

Piedmont Office Realty Trust, Inc.

Tenant Diversification

As of March 31, 2011

(in thousands)

Credit Rating (1)

Number ofProperties

LeaseExpiration(s) (2)

Annualized LeaseRevenue (3)

Percentage ofAnnualized LeaseRevenue (%)

Leased SquareFootage

Percentage ofLeased SquareFootage (%)

U.S. Government

AAA / Aaa

10

(4)

$75,943

12.5

1,773

9.4

BP (5)

A / A2

1

2013

32,580

5.4

776

4.1

US Bancorp

A+ / Aa3

3

2014 / 2023 (6)

29,730

4.9

1,052

5.6

Leo Burnett

BBB+ / Baa2

2

2019

26,419

4.4

682

3.6

State of New York

AA / Aa2

1

2019

19,095

3.1

481

2.6

Winston & Strawn

No rating available (7)

1

2024

18,332

3.0

417

2.2

Sanofi-aventis

AA- / A2

2

2012

17,736

2.9

454

2.4

Independence Blue Cross

No rating available

1

2023

14,571

2.4

761

4.1

Nestle

AA / Aa1

1

2015

13,724

2.3

392

2.1

GE

AA+ / Aa2

2

2012

12,039

2.0

333

1.8

Zurich American

AA-

1

2011

10,611

1.7

300

1.6

Kirkland & Ellis

No rating available (7)

1

2011

10,180

1.7

332

1.8

Shaw

BBB- / Ba1

1

2018

9,782

1.6

313

1.7

State Street Bank

AA- / Aa2

1

2021

9,552

1.6

235

1.3

City of New York

AA / Aa2

1

2020

9,319

1.5

313

1.7

Lockheed Martin

A- / Baa1

3

2014

9,142

1.5

284

1.5

DDB Needham

BBB+ / Baa1

1

2018

8,787

1.4

244

1.3

Gallagher

No rating available

1

2018

7,969

1.3

307

1.6

Marsh USA

BBB- / Baa2

1

2011

7,326

1.2

173

0.9

Gemini

A+ / Aa3

1

2013

7,320

1.2

205

1.1

Other

Various

256,415

42.4

8,946

47.6

Total

$606,572

100.0

18,773

100.0

(1) Credit rating may reflect credit
rating of parent or guarantor. When available, both the Standard & Poors credit rating and the Moodys credit rating are provided.

(2) Represents the expiration year of the majority of the square footage leased by the tenant.

(3) Please refer to page 30 for the definition of Annualized Lease
Revenue.

(4) There are several leases with several
different agencies of the U.S. Government with expiration years ranging from 2011 to 2027.

(5) Majority of space is subleased to Aon Corporation.

(6) US Banks lease at One & Two Meridian Crossings, representing approximately 337,000 square feet and $8.1 million of Annualized Lease Revenue, expires in 2023. Of
US Bancorps lease at US Bancorp Center for 715,000 square feet, representing $21.6 million of Annualized Lease Revenue, approximately 635,000 square feet, representing $18.8 million of Annualized Lease Revenue, expires in 2014, with the
balance of approximately 80,000 square feet, representing $2.8 million of Annualized Lease Revenue, expiring during the second quarter of 2011.

(7) While no ratings are available for Winston & Strawn and Kirkland & Ellis, these tenants are ranked #34 and #6,
respectively, in the 2011 AmLaw 100 ranking (based on 2010 financial data), a publication of The American Lawyer Magazine, which annually ranks the top-grossing and most profitable law firms.

19

Piedmont Office Realty Trust, Inc.

Tenant Credit Rating & Lease Distribution Information

As of March 31, 2011

Tenant Credit Rating (1)

Annualized LeaseRevenue ($s inthousands)

Percentage of Annualized Lease Revenue
(%)

AAA / Aaa

$83,427

13.7

AA / Aa

152,003

25.1

A / A

101,906

16.8

BBB / Baa

99,560

16.4

BB / Ba

5,471

0.9

B / B

20,025

3.3

Below

0

0.0

Not rated (2)

144,180

23.8

Total

$606,572

100.0

Lease Distribution

As of March 31, 2011

Number of Leases

Percentage of Leases (%)

Annualized Lease Revenue (in thousands)

Percentage of Annualized Lease Revenue (%)

Leased Square Footage (inthousands)

Percentage of Leased Square Footage (%)

2,500 or Less

170

34.4

$16,013

2.6

136

0.7

2,501 - 10,000

127

25.7

22,969

3.8

659

3.5

10,001 - 20,000

58

11.8

26,346

4.3

840

4.5

20,001 - 40,000

52

10.5

46,064

7.7

1,478

7.9

40,001 - 100,000

31

6.3

57,799

9.5

1,950

10.4

Greater than 100,000

56

11.3

437,381

72.1

13,710

73.0

Total

494

100.0

$606,572

100.0

18,773

100.0

(1) Credit rating may reflect credit rating of parent or guarantor. Where differences exist between the Standard & Poors credit rating for a tenant and the Moodys
credit rating for a tenant, the higher credit rating is selected for this analysis.

(2) The classification of a tenant as not rated does not indicate that the tenant is of poor credit quality, but rather that the tenant or the tenants debt, if
any, is not rated. Included in this category are such tenants as Winston & Strawn, Independence Blue Cross, McKinsey & Company and KPMG.

20

Piedmont Office Realty Trust, Inc.

Office Leasing Activity

(in thousands)

Three Months Ended March 31, 2011

Three Months Ended March 31, 2010

Leased SquareFootage

Rentable SquareFootage

Percent Leased (1)

Leased SquareFootage

Rentable SquareFootage

Percent Leased (1)

As of December 31, 2010

18,214

20,408

89.2%

As of December 31, 2009

18,221

20,229

90.1%

New leases

796

New leases

151

Expired leases

(904)

Expired leases

(255)

Other

(1)

(4)

Other

(1)

1

Subtotal

18,105

20,404

88.7%

Subtotal

18,116

20,230

89.6%

Acquisitions during period

668

1,112

Acquisitions during period

-

-

Dispositions during period

-

-

Dispositions during period

-

-

As of March 31, 2011 (2) (3)

18,773

21,516

87.3%

As of March 31, 2010 (2)

18,116

20,230

89.6%

Less Acquisitions

Less Dispositions

Acquisitions after March 31, 2010

(1,036)

(1,638)

Dispositions after March 31, 2010

(410)

(410)

Same Store Total

17,737

19,878

89.2%

Same Store Total

17,706

19,820

89.3%

Rental Rate Roll Up / Roll Down (4) (5)

Three Months Ended March 31, 2011

Square Feet

% of Total SignedDuring Period

% of RentableSquare Footage

% Change CashRents

% Change AccrualRents (6)

New, renewal, and expansion leases executed for spaces vacant less than one year

724

86%

3.4%

8.1%

12.1%

Leases executed for spaces excluded from analysis (7)

119

14%

(1) Calculated as leased square footage as of period end with
the addition of square footage associated with uncommenced leases for spaces vacant as of period end, divided by total rentable square footage as of period end, expressed as a percentage.

(2) The square footage associated with leases with end of
period expiration dates is included in the end of the period leased square footage. End of period leased square footage includes short-term space leased on behalf of NASA in accordance with requirements stipulated under its lease to allow it to
restructure its space at Two Independence Square in Washington, DC. As of March 31, 2011, total short-term space amounts to approximately 58,000 square feet and it will be occupied until an estimated date of June 30, 2013.

(3) Excluding executed but not commenced leases for currently
vacant spaces, comprising approximately 466,000 square feet, and leases for which no rental income is being recognized due to rental abatement concessions, comprising approximately 203,000 square feet, Piedmonts economic occupancy as of
March 31, 2011 was 84.1%.

(4) The population
analyzed consists of office leases executed during the period (retail leases as well as leases associated with storage spaces, management offices, industrial properties and unconsolidated joint venture assets were excluded from this analysis). For
spaces that had been vacant for less than one year, the rents last in effect for the previous lease were compared to the initial rents of the new lease. Spaces that had been vacant for greater than one year were excluded from this analysis.

(5) For leases under which a tenant may use, at
its discretion, a portion of its tenant improvement allowance for expenses other than those related to improvements to its space, an assumption is made that the tenant elects to use any such portion of its tenant improvement allowance for
improvements to its space prior to the commencement of its lease. This assumption is made based upon the historical tenant improvement allowance usage patterns of the Companys tenants.

(6) For newly signed leases which have variations in straight
line rent calculations, whether for known future expansions, contractions, lease expense recovery structure changes, or other similar reasons, the weighted average of such straight line rent calculations is used for the purposes of this analysis.

(7) Represents leases signed at our consolidated
office assets that do not qualify for inclusion in the analysis primarily because the space for which the new lease was signed had been vacant for greater than one year. Leases signed with Piedmont entities are excluded from the analysis.

21

Piedmont Office Realty Trust, Inc.

Lease Expiration Schedule

As of March 31, 2011

(in thousands)

OFFICE PORTFOLIO

GOVERNMENTAL ENTITIES

Annualized LeaseRevenue (1)

Percentage of

Annualized LeaseRevenue (%)

Rentable SquareFootage

Percentage ofRentable SquareFootage (%)

Annualized LeaseRevenue (1)

Percentage ofAnnualized LeaseRevenue (%)

Percentage ofCurrent YearTotal AnnualizedLease RevenueExpiring (%)

Vacant

$0

0.0

2,743

12.7

$0

0.0

N/A

2011 (2)

70,595

11.6

1,892

8.8

18,498

3.1

26.2

2012 (3)

59,947

9.9

1,821

8.5

7,459

1.2

12.4

2013

59,332

9.8

1,640

7.6

1,598

0.3

2.7

2014

55,054

9.1

1,697

7.9

3,517

0.6

6.4

2015

44,155

7.3

1,586

7.4

0

0.0

0.0

2016

33,285

5.5

1,191

5.5

1,389

0.2

4.2

2017

22,232

3.7

648

3.0

1,251

0.2

5.6

2018

47,650

7.9

1,605

7.5

8,647

1.4

18.1

2019

54,644

9.0

1,486

6.9

19,095

3.1

34.9

2020

31,442

5.2

1,140

5.3

11,944

2.0

38.0

2021

15,081

2.5

536

2.5

1,025

0.2

6.8

2022

18,279

3.0

699

3.2

0

0.0

0.0

2023

25,697

4.2

1,183

5.5

0

0.0

0.0

2024

25,765

4.2

576

2.7

0

0.0

0.0

Thereafter

43,414

7.1

1,073

5.0

30,276

5.0

69.7

Total / Weighted Average

$606,572

100.0

21,516

100.0

$104,699

17.3

(1) Annualized Lease Revenue for purposes of this schedule includes
the revenue effects of leases executed but not commenced as of March 31, 2011.

(2) Includes leases with an expiration date of March 31, 2011 aggregating 7,502 square feet and Annualized Lease Revenue of $284,617.

(3) Leases and other revenue-producing agreements on a month-to-month
basis, aggregating 15,822 square feet and Annualized Lease Revenue of $428,115, are assigned a lease expiration date of a year and a day beyond the period end date.

22

Piedmont Office Realty Trust, Inc.

Annual Lease Expirations

As of March 31, 2011

(in thousands)

12/31/2011 (1)

12/31/2012

12/31/2013

12/31/2014

12/31/2015

ExpiringSquare Footage

Expiring Lease

Revenue (2)

ExpiringSquare Footage

Expiring Lease

Revenue (2)

ExpiringSquare Footage

Expiring Lease

Revenue (2)

ExpiringSquare Footage

Expiring Lease

Revenue (2)

ExpiringSquare Footage

Expiring Lease

Revenue (2)

Atlanta

82

$2,019

34

$620

29

$728

28

$576

0

$0

Austin

0

0

0

0

0

0

0

0

0

0

Boston

0

0

7

336

0

29

27

1,884

133

2,610

Central & South Florida

134

3,034

4

107

8

215

17

438

6

134

Chicago

614

24,181

386

14,080

801

32,491

34

3,962

202

5,569

Cleveland

0

0

112

1,890

14

335

0

0

0

0

Dallas

42

957

87

2,220

10

245

41

997

284

6,131

Denver

0

0

0

0

0

0

0

0

0

0

Detroit

225

3,637

84

2,233

136

1,984

12

217

131

3,866

Houston

15

355

11

346

0

0

0

0

0

0

Los Angeles

74

2,812

46

1,719

70

2,528

5

211

424

14,690

Minneapolis

176

5,780

32

1,062

45

1,438

808

22,915

98

3,358

Nashville

0

0

0

0

0

0

0

0

0

0

New York

3

296

546

19,282

232

8,421

98

4,155

66

2,416

Philadelphia

0

0

0

0

0

0

0

0

0

0

Phoenix

45

903

0

0

0

0

0

0

194

3,798

Portland

105

1,501

147

2,023

0

0

74

1,079

0

0

Seattle

38

1,625

0

0

0

0

0

0

22

534

Washington, D.C.

339

19,011

325

14,958

295

10,321

553

18,703

26

1,065

Total / Weighted Average (3)

1,892

$66,111

1,821

$60,876

1,640

$58,735

1,697

$55,137

1,586

$44,171

(1) Includes leases with an expiration date of March 31, 2011 aggregating 7,502 square feet.

(2) Expiring lease revenue is calculated as expiring square footage multiplied by the gross rent per square foot of the tenant currently
leasing the space.

(3) Total expiring lease revenue in
any given year will not tie to the expiring Annualized Lease Revenue presented on the Lease Expiration Schedule as the Lease Expiration Schedule accounts for revenue effects of newly signed leases. Expirations in the Lease Expiration Schedule
reflect rental rates of newly executed leases, effectively incorporating known roll ups and roll downs.

23

Piedmont Office Realty Trust, Inc.

Capital Expenditures by Type

For the quarter ended March 31, 2011

Unaudited ($ in thousands)

For the Three Months Ended

3/31/2011

12/31/2010

9/30/2010

6/30/2010

3/31/2010

Non-incremental (1)

Bldg / construction / dev

$1,734

$3,082

$2,293

$3,607

$2,637

Tenant improvements

10,266

17,197

6,088

2,333

4,039

Leasing costs

9,469

6,315

4,948

3,029

2,737

Total non-incremental

21,469

26,594

13,329

8,969

9,413

Incremental (1)

Bldg / construction / dev

923

1,174

417

439

250

Tenant improvements

1,053

6

0

0

0

Leasing costs

75

2,531

0

0

0

Total incremental

2,051

3,711

417

439

250

Total capital expenditures

$23,520

$30,305

$13,746

$9,408

$9,663

Tenant improvement commitments (2)

Tenant improvement commitments outstanding as of December 31, 2010

$111,390

New tenant improvement commitments related to leases executed during
period

NOTE: The information presented on this page
is for all consolidated assets, inclusive of our industrial properties.

(1) Definitions for non-incremental and incremental capital expenditures can be found on pages 30 and 31.

(2) Commitments are unexpired contractual tenant
improvement obligations for leases executed in current and prior periods that have not yet been incurred and have not otherwise been presented on Piedmonts financial statements. The four largest commitments total approximately $73.9 million,
or 56% of total outstanding commitments.

24

Piedmont Office Realty Trust, Inc.

Contractual Tenant Improvements and Leasing Commissions

For the Year Ended

For the Three Months

Ended March 31, 2011

2010

2009

2008

Renewal Leases

Number of leases

8

37

34

34

Square feet

615,793

1,241,481

1,568,895

967,959

Tenant improvements per square foot
(1)

$64.47

$14.40

$12.01

$8.28

Leasing commissions per square foot

$16.09

$8.40

$5.51

$7.17

Total per square foot

$80.56

$22.80

$17.52

$15.45

Tenant improvements per square foot per year of lease term

$4.39

$1.74

$1.44

$1.39

Leasing commissions per square foot per year of lease
term

$1.09

$1.02

$0.66

$1.20

Total per square foot per year of lease term

$5.48

$2.76

$2.10

$2.59

New Leases

Number of leases

16

56

28

37

Square feet

226,931

866,212

700,295

747,919

Tenant improvements per square foot (1)

$48.16

$32.65

$45.04

$30.59

Leasing commissions per square foot

$15.93

$11.28

$17.12

$15.95

Total per square foot

$64.09

$43.93

$62.16

$46.54

Tenant improvements per square foot per year of lease term

$5.55

$4.16

$4.05

$3.24

Leasing commissions per square foot per year of lease
term

$1.84

$1.44

$1.54

$1.69

Total per square foot per year of lease term

$7.39

$5.60

$5.59

$4.93

Total

Number of leases

24

93

62

71

Square feet

842,724

2,107,693

2,269,190

1,715,878

Tenant improvements per square foot (1)

$60.07

$21.90

$22.21

$18.01

Leasing commissions per square foot

$16.04

$9.59

$9.09

$11.00

Total per square foot

$76.11

$31.49

$31.30

$29.01

Tenant improvements per square foot per year of lease term

$4.59

$2.70

$2.42

$2.41

Leasing commissions per square foot per year of lease
term

$1.23

$1.18

$0.99

$1.47

Total per square foot per year of lease term

$5.82

$3.88

$3.41

$3.88

NOTE: This information is presented for our consolidated office assets only. Short-term leases (leases for a term of less than one year) are excluded from this information.

(1) For leases under which a tenant may use, at its discretion, a portion of its tenant improvement allowance for expenses other than those related to improvements to its space, an assumption is made that the tenant
elects to use any such portion of its tenant improvement allowance for improvements to its space prior to the commencement of its lease. This assumption is made based upon the historical tenant improvement allowance usage patterns of the
Companys tenants.

25

Piedmont Office Realty Trust, Inc.

Geographic Diversification

As of March 31, 2011

Location

Number ofProperties

Annualized Lease

Revenue ($s in

thousands)

Percentage of

Annualized Lease

Revenue (%)

Rentable Square

Footage (in

Thousands)

Percentage of

Rentable Square

Footage (%)

Leased Square

Footage (in

thousands)

Percent Leased

(%)

Chicago

7

$180,078

29.7

5,850

27.2

4,918

84.1

Washington, D.C.

14

116,792

19.3

3,045

14.2

2,744

90.1

New York

8

92,354

15.2

2,920

13.6

2,746

94.0

Minneapolis

4

46,054

7.6

1,612

7.5

1,576

97.8

Los Angeles

5

30,812

5.1

1,144

5.3

964

84.3

Boston

4

24,239

4.0

583

2.7

562

96.4

Dallas

7

24,049

4.0

1,275

5.9

1,079

84.6

Detroit

4

18,197

3.0

929

4.2

809

87.1

Philadelphia

1

14,571

2.4

761

3.5

761

100.0

Atlanta

4

10,930

1.8

750

3.5

446

59.5

Houston

2

10,521

1.7

463

2.2

341

73.7

Nashville

1

6,975

1.1

312

1.5

312

100.0

Phoenix

4

6,785

1.1

554

2.6

344

62.1

Central & South Florida

3

5,867

1.0

299

1.4

253

84.6

Austin

1

5,482

0.9

195

0.9

195

100.0

Portland

4

4,603

0.8

325

1.5

325

100.0

Cleveland

2

3,235

0.5

187

0.9

175

93.6

Denver

1

2,712

0.4

156

0.7

156

100.0

Seattle

1

2,316

0.4

156

0.7

67

42.9

Total / Weighted Average

77

$606,572

100.0

21,516

100.0

18,773

87.3

26

Piedmont Office Realty Trust, Inc.

Industry Diversification

As of March 31, 2011

Industry Diversification

Number ofTenants

Percentage ofTotal Tenants(%)

Annualized LeaseRevenue ($s inthousands)

Percentage ofAnnualized LeaseRevenue (%)

Leased SquareFootage (inthousands)

Percentage of Leased Square Footage
(%)

Governmental Entity

6

1.4

$104,699

17.3

2,574

13.7

Business Services

63

15.1

68,641

11.3

2,210

11.8

Depository Institutions

14

3.4

57,225

9.4

1,790

9.5

Legal Services

10

2.4

36,423

6.0

1,019

5.4

Insurance Carriers

20

4.8

36,322

6.0

1,495

8.0

Petroleum Refining & Related Industries

1

0.2

32,580

5.4

776

4.1

Nondepository Credit Institutions

12

2.9

32,336

5.3

1,076

5.7

Chemicals & Allied Products

7

1.7

23,550

3.9

700

3.7

Insurance Agents, Brokers & Services

9

2.2

18,914

3.1

598

3.2

Engineering, Accounting, Research, Management

& Related Services

26

6.2

18,774

3.1

572

3.0

Communications

36

8.6

17,544

2.9

595

3.2

Security & Commodity Brokers, Dealers,

Exchanges & Services

21

5.0

15,250

2.5

548

2.9

Food & Kindred Products

4

1.0

14,507

2.4

423

2.3

Educational Services

7

1.7

12,011

2.0

276

1.5

Transportation Equipment

4

1.0

11,275

1.9

346

1.8

Other

177

42.4

106,521

17.5

3,775

20.2

Total

417

100.0

$606,572

100.0

18,773

100.0

27

Piedmont Office Realty Trust, Inc.

Property Investment Activity

Acquisitions

Property Name

Location

AcquisitionDate

PercentOwnership(%)

Year Built

PurchasePrice ($s inthousands)

RentableSquareFootage (inthousands)

PercentLeased atAcquisition(%)

Suwanee Gateway One

Suwanee, GA

9/28/2010

100

2008

$7,875

142

0

Meridian Crossings

Richfield, MN

10/1/2010

100

1997-1998

65,611

384

96

1200 Enclave Parkway

Houston, TX

3/30/2011

100

1999

18,500

150

18

500 West Monroe Street (1)

Chicago, IL

3/31/2011

100

1991

227,500

962

67

$319,486

1,638

63

Dispositions

Property Name

Location

DispositionDate

PercentOwnership(%)

Year Built

Sale Price($s inthousands)

RentableSquareFootage (inthousands)

PercentLeased atDisposition(%)

111 Sylvan Avenue (2)

Englewood Cliffs, NJ

12/8/2010

100

1953-1967

$55,000

410

100

14400 Hertz Quail Springs Parkway

Oklahoma City, OK

10/15/2010

4

1997

5,300

57

100

$60,300

467

100

Acquisitions Subsequent to Quarter End

Property Name

Location

AcquisitionDate

PercentOwnership(%)

Year Built

PurchasePrice ($s inthousands)

RentableSquareFootage (inthousands)

PercentLeased atAcquisition(%)

The Dupree Building

Atlanta, GA

4/29/2011

100

1997

$20,450

138

83

(1) Investment in this property was converted from a structured finance investment to an owned real estate asset through a UCC foreclosure of the equity ownership interest on
March 31, 2011. The purchase price presented equates to the book basis for the real estate assets comprising the property.

(2) Property was to become vacant within six months of disposition.

28

Piedmont Office Realty Trust, Inc.

Other Investments

As of March 31, 2011

Industrial Properties

Location

PercentOwnership(%)

Year Built

Real Estate

Net BookValue ($s inthousands)

Rentable SquareFootage (inthousands)

PercentLeased (%)

112 Hidden Lake Circle

Duncan, SC

100

1987

$9,780

313.4

100.0

110 Hidden Lake Circle

Duncan, SC

100

1987

13,162

473.4

36.8

$22,942

786.8

61.9

Unconsolidated Joint Venture Properties

Location

PercentOwnership(%)

Year Built

PiedmontShare of RealEstate NetBook Value($s inthousands)

Real EstateNet BookValue ($s inthousands)

Rentable SquareFootage (inthousands)

PercentLeased (%)

360 Interlocken Boulevard

Broomfield, CO

4

1996

$244

$6,601

51.7

100.0

47300 Kato Road

Fremont, CA

78

1982

2,659

3,430

58.4

0.0

20/20 Building

Leawood, KS

57

1992

2,558

4,508

68.3

90.8

4685 Investment Drive

Troy, MI

55

2000

5,136

9,337

77.1

100.0

5301 Maryland Way

Brentwood, TN

55

1989

11,001

19,997

201.2

100.0

8560 Upland Drive

Parker, CO

72

2001

7,635

10,621

148.2

100.0

Two Park Center

Hoffman Estates, IL

72

1999

11,488

15,980

193.7

38.6

$40,721

$70,474

798.6

77.0

Land Parcels

Location

Acres

Portland Land Parcels

Beaverton, OR

18.2

Enclave Parkway

Houston, TX

4.5

Durham Avenue

South Plainfield, NJ

8.9

Corporate Court

Holtsville, NY

10.0

State Highway 161

Irving, TX

4.5

46.1

29

Piedmont Office Realty Trust, Inc.

Supplemental Definitions

Included in
this section are managements statements regarding certain non-GAAP financial measures provided in this supplemental report and reasons why management believes that these measures provide useful information to investors about the Companys
financial condition and results of operations. Reconciliations of these non-GAAP measures are included within pages 33-36.

Adjusted Funds From Operations (AFFO): AFFO is calculated by deducting from Core FFO non-incremental capital expenditures and adding back
non-cash items including non-real estate depreciation, straight lined rents and fair value lease revenue, non-cash components of interest expense and compensation expense, and by making similar adjustments for unconsolidated partnerships and joint
ventures. Although AFFO may not be comparable to that of other REITs, we believe it provides a meaningful indicator of our ability to fund cash needs and to make cash distributions to equity owners. AFFO is a non-GAAP financial measure and should
not be viewed as an alternative measurement of our operating performance to net income, as an alternative to net cash flows from operating activities or as a measure of our liquidity.

Annualized Lease Revenue (ALR): ALR is calculated by multiplying
(i) rental payments (defined as base rent plus operating expense reimbursements, if payable by the tenant on a monthly basis under the terms of a lease that have been executed, but excluding a) rental abatements and b) rental payments related
to executed but not commenced leases for space that was covered by an existing lease), by (ii) 12. In instances in which contractual rents or operating expense reimbursements are collected on an annual, semi-annual, or quarterly basis, such
amounts are multiplied by a factor of 1, 2, or 4, respectively, to calculate the annualized figure. For leases that have been executed but not commenced relating to un-leased space, ALR is calculated by multiplying (i) the monthly base rental
payment (excluding abatements) plus any operating expense reimbursements for the initial month of the lease term, by (ii) 12. Unless stated otherwise, this measure excludes our industrial properties and unconsolidated joint venture
interests.

Core EBITDA: Core EBITDA is defined as net income before
interest, taxes, depreciation and amortization and incrementally removing any impairment losses, gains or losses from sales of property, or other extraordinary items. We do not include impairment losses in this measure because we feel these types of
losses create volatility in our earnings and make it difficult to determine the earnings generated by our ongoing business. We believe Core EBITDA is a reasonable measure of our liquidity. Core EBITDA is a non-GAAP financial measure and should not
be viewed as an alternative measurement of cash flows from operating activities or other GAAP basis liquidity measures. Other REITs may calculate Core EBITDA differently and our calculation should not be compared to that of other REITs.

Core Funds From Operations (Core FFO): We calculate Core FFO by starting
with FFO, as defined by NAREIT, and adjusting for certain non-recurring items such as impairment losses and other extraordinary items. Such items create significant earnings volatility. We believe Core FFO provides a meaningful measure of our
operating performance and more predictability regarding future earnings potential. Core FFO is a non-GAAP financial measure and should not be viewed as an alternative measurement of our operating performance to net income; therefore, it should not
be compared to other REITs equivalent to Core FFO.

Core Net Operating
Income (Core NOI): Core NOI is defined as real estate operating income with the add-back of corporate general and administrative expense, depreciation and amortization, and casualty and impairment losses and the deduction of income
and expense associated with lease terminations and income associated with property management performed by Piedmont for other organizations. We present this measure on an accrual basis and a cash basis, which eliminates the effects of straight lined
rents and fair value lease revenue. The company uses this measure to assess its operating results and believes it is important in assessing operating performance. Core NOI is a non-GAAP measure which does not have any standard meaning prescribed by
GAAP and therefore may not be comparable to similar measures presented by other companies.

EBITDA: EBITDA is defined as net income before interest, taxes, depreciation and amortization. We believe EBITDA is an appropriate measure of our ability to incur and service debt. EBITDA should not
be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income as an indicator of our operating activities. Other REITs may calculate EBITDA differently and our calculation
should not be compared to that of other REITs.

Funds From Operations
(FFO): FFO is calculated in accordance with the current National Association of Real Estate Investment Trusts (NAREIT) definition. NAREIT currently defines FFO as net income (computed in accordance with GAAP), excluding
gains or losses from sales of property, adding back depreciation and amortization on real estate assets, and after the same adjustments for unconsolidated partnerships and joint ventures. Such factors can vary among owners of identical assets in
similar conditions based on historical cost accounting and useful-life estimates. FFO may provide valuable comparisons of operating performance between periods and with other REITs. FFO is a non-GAAP financial measure and should not be viewed as an
alternative measurement of our operating performance to net income. We believe that FFO is a beneficial indicator of the performance of an equity REIT. However, other REITs may not define FFO in accordance with the NAREIT definition, or may
interpret the current NAREIT definition differently than we do; therefore, our computation of FFO may not be comparable to that of such other REITs.

Incremental Capital Expenditures: Incremental Capital Expenditures are defined as capital expenditures of a non-recurring nature that incrementally
enhance the underlying assets income generating capacity. Tenant improvements, leasing commissions, building capital and deferred lease incentives incurred to lease space that was dark at acquisition, improvements associated with the expansion
of a building and renovations that change the underlying classification of a building are included in this measure.

30

Piedmont Office Realty Trust, Inc.

Supplemental Definitions

NOI from Unconsolidated Joint Ventures: NOI from Unconsolidated Joint Ventures is defined as Core NOI attributable to our interests in eight properties owned
through unconsolidated partnerships. We present this measure on an accrual basis and a cash basis, which eliminates the effects of straight lined rents and fair value lease revenue. NOI from Unconsolidated Joint Ventures is a non-GAAP measure and
therefore may not be comparable to similarly defined data provided by other REITs.

Non-Incremental Capital Expenditures: Non-Incremental Capital Expenditures are defined as capital expenditures of a recurring nature related to tenant
improvements and leasing commissions that do not incrementally enhance the underlying assets income generating capacity. We exclude first generation tenant improvements and leasing commissions from this measure.

Same Store Net Operating Income (Same Store NOI): Same Store NOI is
calculated as the Core NOI attributable to the properties owned or placed in service during the entire span of the current and prior year reporting periods. Same Store NOI excludes amounts attributable to industrial properties and unconsolidated
joint venture assets. We present this measure on an accrual basis and a cash basis, which eliminates the effects of straight lined rents and fair value lease revenue. We believe Same Store NOI is an important measure of comparison of our stabilized
properties operating performance. Other REITs may calculate Same Store NOI differently and our calculation should not be compared to that of other REITs.

Same Store Properties: Same Store Properties is defined as properties owned or placed in service during the entire span of the current and prior year
reporting periods. Same Store Properties excludes industrial properties and unconsolidated joint venture assets. We believe Same Store Properties is an important measure of comparison of our stabilized portfolio
performance.